Strategic Planning

• What is the focus of strategic planning in a business?

  The business as a whole
• What is the primary aim of strategic planning?

  To provide answers to business strategy questions
• What are the key questions strategic planning seeks to answer?

  Where do we want to go?
• What is the first stage of the strategic planning process?

  Setting corporate or business objectives
• What influences the setting of business objectives?

  The mission and purpose of the business
• What does the strategic planning process lead to after setting objectives?

  An action plan to implement the strategy
• Why is monitoring performance important in strategic planning?

  To evaluate results against objectives
• What is one benefit of effective strategic planning?

  It provides a sense of direction
• How does strategic planning motivate management and employees?

  By providing clear direction
• What does strategic planning help management do?

  Make decisions consistent with objectives
• What are the main benefits of strategic planning?

  • Provides a sense of direction
  • Motivates management and employees
  • Efficient resource selection and use
  • Aids in measuring progress and decision-making
• What is SWOT analysis used for in strategic planning?

  Understanding internal position and external factors
• What does Porter's Five Forces model analyze?

  The nature of competition
• What does the PESTEL model help identify?

  Key external environmental factors
• What is stakeholder mapping used for?

  Identifying important stakeholders in planning
• What does market mapping help determine?

  Strategic opportunities against competition
• What is the purpose of segmentation, targeting, and positioning in marketing strategy?

  To implement chosen business strategy
• What are some models used in strategic planning?

  • SWOT analysis
  • Porter's Five Forces model
  • PESTEL model
  • Stakeholder mapping
  • Segmentation, targeting, and positioning
  • Market mapping